global initiative aimed at increasing exports from the Milwaukee Region
The goal of the Milwaukee 7 Global Cities Initiative is to aggressively expand exports and foster foreign direct investment.
The Milwaukee Region is one of eight U.S. metro areas that has been selected for the Global Cities Initiative's Exchange network, a joint project of Brookings and JPMorgan Chase to promote greater global trade and economic competitiveness.
The Exchange is a network of metropolitan areas committed to establishing actionable plans that capitalize on their distinctive assets to expand their global markets and exports. These metros will work together over the next four years to establish new metro-to-metro relationships and to share best practices in global economic development.
"For the Exchange, we selected metro areas that are committed to expanding their global economic reach by working together to identify regional competitive strengths and increase exports," said Brad McDearman, Brookings fellow. "These regions understand the need to embrace the global market to remain competitive in the 21st century economy."
The Milwaukee initiative is being led by a core team that includes the Milwaukee 7 Regional Economic Development Partnership, the Wisconsin Manufacturing Extension Partnership, the Wisconsin Economic Development Corp., the U.S. Commercial Service Milwaukee Export Assistance Center, and MMAC’s World Trade Association.
One of the first steps for the Milwaukee Region will be to design and implement a regional export plan in 2014, based on the market assessment that was recently completed. Exporting is imperative to the success of the region - new realities are that 75% of the world's purchasing power is outside the U.S., and 90% of the world's economic growth, over the next decade, will occur beyond U.S. borders.
The Milwaukee 7, in collaboration with JPMorgan Chase, is offering the Export Development Grant Program to help manufacturers, companies selling a proprietary product line, and service-based companies grow in international trade. The Export Development Grant Program will award matching funds of up to $5,000 to companies in Southeastern Wisconsin, both new to export as well as existing exporters, to take advantage of opportunities in international markets and to overcome obstacles.
For more information about the initiative, contact Chad Hoffman, Vice President – Global Trade and Investment at 414/287-4156.